Russia-Ukraine impact on oil

Wood Mackenzie opines on impacts war impacts to

  1. Very little Russian crude oil or oil products have actually been kept from the market (yes, from certain markets e.g. South Korea, Japan, US)
  2. Price differentials are changing. Dubai and Urals used to have a similar discount to Brent. Dubai discount now around $10/bbl, while Urals discount is around $30/bbl
  3. Market bullish for refiners…


News out of the EU with the murders in Ukraine the Europeans are moving to restrict oil from Russia. While only talking stage for now, this can move very quickly into an actualization.

Today’s actions the market is based on this news.